Changes made to decree on FDI law

ANKARA - Reuters

The government has made a number of changes to the decree on the implementation of the direct foreign investment law. The Ministry of Economy will be in charge of handling applications regarding firms established according to foreign country laws, instead of the Under secretariat of the Treasury, according to yesterday’s Official Gazette.

The ministry will be entitled to grant permission to firms to open a liaison office in Turkey, or to extend current permissions, provided that these firms do not have any commercial activity in the country.

The permission applications of foreign firms active in markets such as equities, insurance, which have special legislation, will be evaluated by related governmental entities.

In initial applications, the maximum period of permission is limited to three years.